Read the transcript of the Obama interview for this evening's NightLine and then watch the video.
President Obama cleaarly says "PULL BACK THE BAND AID" while ABC News transcript read "HOLD OUT A BAND AID" Unbelieveable distortion in reporting done here as the implications could not be bigger.
If you are a student of the market place you understand that entire collaspse of the fianicail system is predicated on lies, fraud and greed. The markets are is a disarray because no one knows exactly WHAT the banks hold off balance sheet in their LEVEL 3 assets known as MARK - TO - Fiction accounting. This is all those Mortgage Back Securties that are acutally worth 10 to 15 cents per dollar while the bank claimd they are worth 95 cents or higher - off balance sheet. So know one, no government, no person or investor trust them and this IS the root of the problems in our economy today.
OBAMA made a profound statement in this interview that we need to "PULL BACK" the bandaid and actually reveal the depth of the banks losses so that they can be addressed. That means bad banks that are insolvent - many are by the way - are taken out to the wood shed and we rebuild our banking system on a sound and stable footing.
ABCNEWS transcript reads "HOLD OUT" a band aid implying that Obama is saying we need to give the banks a bandaid, a remedy so to speak.
I cannot and will not believe this is an honest mistake by a incompenet news organization that does not check the transcripts someone types up on an hourly wage. Instead I will believe that this is intentional mis-representation of the President's word by just one more news organization owed and controlled by WALL-STREET that continues to mislead the public in their reporting of fiction instead of facts. Sounds like the banking system doesn't it?
Time to stop the charade!
I support Obama.
Please don't be a sheep. You are all going to foot an enormous bill if you don't do anything at this point.
Obama MUST force a recognition of the true value of the bank "assets", that means mortgages and real estate loans. Losses must be charged first to equity holders and then and only then if the nation's economy is unduly affected, a bailout is given as an equity injection into the banks. Call it nationalization or whatever but I am sick of this game. ENOUGH ALREADY.
Sell the loans to those who can hold it; Pay the bills and MOVE ON. Stop robbing USA and its people.